SOURCE: Cash Technologies, Inc.

May 07, 2008 14:02 ET

AMEX Accepts Progress on Regaining Compliance With AMEX Listing Standards

LOS ANGELES, CA--(Marketwire - May 7, 2008) - Cash Technologies, Inc. (AMEX: TQ) (the "Company") announced today that the American Stock Exchange (the "Exchange") has notified the Company that its revised plan to regain compliance with the continued listing standards of the Exchange has been approved.

In November 2007, following the bankruptcy of Champion Parts, Inc. ("Champion"), which resulted in the Company writing off the approximate $8 million balance of a promissory note owed by Champion to a Company subsidiary, the Company disclosed that it had been notified by the Exchange that it had fallen out of compliance with the continued listing standards of the Exchange. The Company's plan to regain compliance (the "Plan"), which included a requirement to acquire certain assets of Champion, was initially approved by the Exchange in January 2008.

Management believes that the acquisition of the Champion assets which the Company announced on May 6, 2008, combined with other anticipated events and balance sheet adjustments, will accomplish the objectives of the Plan, but Plan approval is subject to a determination by the Exchange that will not be finally made until the Company's Form 10KSB is filed for the fiscal year ending May 31, 2008. Until and unless such determination is made, the Company is considered to be out of compliance with the continued listing standards, however the Exchange will permit the Company to remain listed pursuant to an extension ending September 15, 2008.

Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include Cash Tech's inability to complete the Amex compliance plan, activity levels in the securities markets and other risk factors disclosed in Cash Tech's reports to the Securities and Exchange Commission, including its Forms 10-QSB and Forms 10-KSB on file with the SEC.

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